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ICICI Bank’s FD with Critical Illness

Fixed Deposits(FD) is one of the most popular saving options among different types of savers. Fixed deposit is an easy and simple option for people who can’t take risk of the equity markets and want stable returns. Fixed deposits give a fixed rate of return to its customers. But what if you got something extra along with interest rate?  

Banks are coming up with innovative products to attract customers. One such innovative product is FD Health by ICICI Bank. The recently launched FD comes with one year of complimentary critical illness cover. Customers will get complimentary insurance of Rs.1 lakh cover on 33 critical illnesses. The policy includes specified severities related to cancer, lung disease, kidney failure, liver disease and benign brain tumour, Alzheimer’s disease and Parkinson’s disease.

Amount and duration of FD Health

The complimentary critical illness cover will be available on FDs under cumulative option where the deposit amount is Rs 2 lakh and above to less than Rs. 3 lakh. Customers need to open the FD of a minimum of 2 years to avail this facility. 

Eligibility to open Fixed Deposit

The fixed deposit is available for resident individuals.

The complimentary critical illness cover is only provided to the primary account holder.

Bank account holders should be between 18 years to 50 years.

A declaration of good health needs to be provided to receive the critical illness cover. Customers who are not in good health can’t take the benefit of the same. 

Other Features of FD Health

The FD will earn the prevailing interest rate as applicable for regular FD opened for a specific period.

If customers withdraw the deposits whether premature withdrawal or partial withdrawal, the critical illness cover will no longer be applicable. 

In case of partial withdrawal where the FD Principal is still above Rs. 5 lakh, the customer would continue to enjoy the free critical illness cover.

How to open FD Health

There is no online way to open this FD. To open this FD, customers have to visit nearest ICICI Bank branch today to open FD Health.

Click here to know more about ‘FD Health’.

Is it sufficient?

While FD Health gives a complimentary critical insurance benefit, the cover is only available for the first year and the cover is Rs.1 lakh. To receive the benefit, customers should have a deposit amount of more than Rs.2 lakhs.

While it is good as an add-on feature, this does not equal to your critical illness cover that is covered by your term insurance. You need to have a critical illness cover even if you have FD Health.


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